SEC v THOR INDUSTRIES, INC - Legal Case Documents


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SEC v THOR INDUSTRIES, INC

Keywords & Phrases

CaseNo: 34-42021, Defendant: Thor Industries, Inc., Plaintiff: SEC, UniqueCaseRef: SEC>34-42021, Buchanan, Thor, Accounts, Eldorado, Reporting, Controls, Finance, Exchange Act, Commission, Financial Statements, Assets, Adequate, Books, Operating, Income, Funds, Proceeding, Expenses, Profit, Respondent, Subsidiaries, Theft, Securities Exchange Act, Overstatement, Restates, Entries, Administrative Proceeding, Cash, Net Income, Employees , ContentID: 120245642

Case Documents

1999-10-18

SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below ] ItemID: 112381

7 pages
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Total Documents: 1 document , 7 pages

Price: $ 19.95

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1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS

THOR
ACCOUNTS
ELDORADO
REPORTING
CONTROLS
FINANCE
EXCHANGE ACT
COMMISSION
FINANCIAL STATEMENTS
ASSETS
ADEQUATE
BOOKS
OPERATING
INCOME
FUNDS
PROCEEDING
EXPENSES
PROFIT
RESPONDENT
SUBSIDIARIES
THEFT
SECURITIES EXCHANGE ACT
OVERSTATEMENT
RESTATES
ENTRIES
ADMINISTRATIVE PROCEEDING
CASH
NET INCOME
EMPLOYEES

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

   SECURITIES EXCHANGE ACT OF 1934
   Release No. 42021 / October 18, 1999

   ACCOUNTING AND AUDITING ENFORCEMENT
   Release No. 1190 / October 18, 1999

   ADMINISTRATIVE PROCEEDING
   File No. 3-10077

   In the Matter of

   Thor Industries, Inc.

   Respondent
   Order Instituting Public Administrative Proceedings Pursuant To
   Section 21c of the Securities Exchange Act of 1934, Making Findings
   and Ordering Respondent To Cease and Desist

   I.

   The Securities and Exchange Commission ("Commission") deems it
   appropriate to institute administrative proceedings against Thor
   Industries, Inc. ("Thor") pursuant to Section 21C of the Securities
   Exchange Act of 1934 ("Exchange Act").

   II.

   In anticipation of the institution of this administrative proceeding,
   Thor has submitted an Offer of Settlement ("Offer"), which the
   Commission has determined to accept. Solely for the purpose of this
   proceeding and any other proceeding brought by or on behalf of the
   Commission or to which the Commission is a party, and without
   admitting or denying the Commission's findings contained herein,
   except that Thor admits the jurisdiction of the Commission over it and
   over the subject matter of this proceeding, Thor consents to the entry
   of findings and the imposition of the remedial sanction set forth
   below.

   III.

   The Commission finds the following

   A. SUMMARY

SNIPPETS:

Section 21c of the Securities Exchange Act of 1934, Making Findings and Ordering Respondent

The Securities and Exchange Commission deems it appropriate to institute administrative

In anticipation of the institution of this administrative proceeding, Thor has submitted an

The absence of adequate controls gave ElDorado's General Manager and Controller, Bradley John

Buchanan falsified ElDorado's books and records by understating ElDorado's expenses to

As a result, Thor's periodic reports for fiscal 1996, 1997, and the first two quarters of

As restated, for the six month period ended January 31, 1998, Thor had pre-tax income of

Thor operates generally through decentralized subsidiaries, each of which has its own

Buchanan had unfettered access over ElDorado's financial recordkeeping and reporting and was

Buchanan had signatory authority over ElDorado's two bank accounts, and only his signature

Beginning in November 1995, and continuing until March 1998, Buchanan made false entries on

Thor Restates its Financial Statements

Due to the understatement of expenses and overstatement of assets, as described above, Thor's

For example, Buchanan used certain of the funds to finance the operations of Pub Crawl Bar &

ElDorado's computer system, which was not integrated with Thor's, permitted any of its


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